Micronet Enertec Technologies Inc. (Nasdaq: MICT) raised a gross $8.1 million at a company value of $28 million in its IPO on Nasdaq Capital Market last week. The company issued 1,620,000 shares at $5 per share, and 810,000 warrants with a strike price of $6.25.
The underwriter, Aegis Capital Corporation, partly exercised its over-allotment option, buying warrants exercisable for 121,500 warrants, and has 45-day option to purchase up to an additional 243,000 shares, which if exercised will add $2.1 million to the offer's gross proceeds.
Micronet Enertec develops and manufactures rugged computers, tablets and computer-based systems and instruments for the commercial mobile resource management (MRM) market and for the defense and aerospace markets. It is a New Jersey-based holding company, which operates through two Israeli subsidiaries: wholly-owned Enertec Systems 2001 Ltd., and Micronet Ltd. (TASE:MCRNT), in which it owns 48.1%. Enertec Systems makes military test equipment, including simulators, for the military and civilian aviation industry. Micronet produces mobile computing platforms for integration into fleet management and mobile workforce management solutions.
Micronet Enertec said that it would use part of the net proceeds to buy Micronet shares, repay part of its debt, expand sales and marketing efforts, and broaden its product line through potential acquisitions or purchases of relevant licenses.
David Lucatz owns 46.5% of Micronet Enertec through his holding company DLC.
Published by Globes [online], Israel business news - www.globes-online.com - on May 5, 2013
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